Minister Maait outlined ongoing initiatives to develop Egypt's automotive sector
Egyptian Finance Minister Mohamed Maait announced the successful delivery of more than 28,000 new, environmentally friendly cars as part of the Presidential Car Replacement Programme.
The initiative provided beneficiaries with current year models at below-market prices and instalment plans for 7 or 10 years. This is reported by Daily News Egypt, a partner of TV BRICS.
The programme, launched in March 2021, allows people to trade-in cars that are 20 years old or more.
Programme participants can also benefit from a flat interest rate of 3 per cent per annum, reduced insurance costs and a free driver accident insurance policy.
The programme has spread to various regions including Cairo, Giza, and Alexandria, demonstrating the government's keenness to reach a wider audience and support green transport across the country.
The initiative is in line with efforts to encourage the adoption of eco-friendly vehicles, develop the automotive industry and reduce the country's dependence on traditional cars.
Photo: iStock
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